We see a classic head and shoulders pattern forming on XMR with a neckline of 260 and shoulders at 330. Normally a Head and Shoulders predicts a drop in height equal from the top of the head to the neckline, and we see that is at 140, which would not only erase the last months of gains, it would take us back to the values we saw in mid-november.
The trendline from the in February JUly of `17 and could provide support and break the normal drop. Aggressive traders can play the right shoulder as they see fit but the weaker the right shoulder the more likely I XMR going past the long term support and down to 140. If we have a stronger right shoulder I would expect us to see us bounce off of the "return to normal" line. The up-arrow there is equal in slope and length to the recovery out of the dip in early February.
"And I promise to every Floridian that you will all be RICH!! Because we're gonna print some more money! WHY DIDN'T ANYBODY EVER THINK OF THIS BEFORE???!!"
~ Nathan Explosion
The trendline from the in February JUly of `17 and could provide support and break the normal drop. Aggressive traders can play the right shoulder as they see fit but the weaker the right shoulder the more likely I XMR going past the long term support and down to 140. If we have a stronger right shoulder I would expect us to see us bounce off of the "return to normal" line. The up-arrow there is equal in slope and length to the recovery out of the dip in early February.
"And I promise to every Floridian that you will all be RICH!! Because we're gonna print some more money! WHY DIDN'T ANYBODY EVER THINK OF THIS BEFORE???!!"
~ Nathan Explosion
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion